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The Food Trucks Market size is estimated to increase by USD 1.40 billion, growing at a CAGR of 5.87% between 2022 and 2027. The growth of the food trucks market size is influenced by various factors, including the burgeoning popularity of street foods, accelerated urbanization trends, and the attractive low capital investment needed to enter the market. As street foods gain increasing favor among consumers for their convenience and diverse culinary offerings, the demand for food trucks rises accordingly. Moreover, the rapid urbanization observed globally provides a fertile ground for food truck businesses to thrive, catering to the bustling populations in urban areas. With comparatively lower capital requirements compared to traditional brick-and-mortar establishments, food trucks present an accessible avenue for aspiring entrepreneurs to enter the culinary market, further fueling the sector's expansion.
Market Forecast 2023-2027
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The market is experiencing unprecedented growth, driven by shifting consumer trends and the growing popularity of quick-service options. Quick service restaurants (QSRs), snack bars, and drive-through windows cater to the fast-paced lifestyles of consumers, offering convenience and on-the-go availability. Food trucks, with their onboard kitchens and motor vehicle mobility, embody this trend, providing gourmet offerings and specialty beverages to consumers at various locations, including food festivals and pop-up restaurants. The market sees a surge in medium-sized food trucks and gourmet variants, appealing to millennials and consumers seeking novel goods and gastronomic experiences. As commercial restaurant chains and hotels venture into the food truck realm, the competition intensifies, spurring innovation and gourmet food truck permits. With land rent considerations and the need for strategic locations, food trucks continue to revolutionize the culinary landscape, offering cold beverages and fast food options tailored to evolving consumer preferences and the demand for on-the-spot availability.
The market burgeons with the rise of quick-service options like Quick Service Restaurants (QSRs) and commercial restaurants, catering to consumer trends favoring on-the-go dining. Medium-sized food trucks and gourmet offerings thrive, attracting millennials and consumers seeking unique gastronomic experiences. Challenges such as land rent and food truck permits are overshadowed by the market's profitability in high-traffic areas like food festivals and commercial districts. With commercial restaurant chains and hotels increasingly investing, the food trucks market continues its upward trajectory, driven by convenience and culinary diversity. Quick service restaurants (QSR) industry is adapting to consumer trend, extending its reach beyond traditional venues like college or school canteens. Innovations such as the drive-through window are enhancing convenience, while medium-sized food trucks cater to the growing popularity of food trucks, offering on-the-spot availability of delicious meals. Moreover, the rise of gourmet food trucks and Pop-up restaurants reflects evolving tastes, providing consumers with diverse culinary experiences. As the demand for quick and quality dining options continues to rise, these consumer trends are reshaping the landscape of the food industry. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The growing popularity of street food through vehicles is one of the major drives of market growth. Gourmet trucks are becoming more common. Gourmet street food means gourmet-style street food that is typically prepared to a high standard tastes good and is aesthetically presented. Traditionally, local cultures are often reflected in street food, and there is a wide variety of them. The food consumption pattern of consumers has changed; they prefer foods with good taste and are cheaper in price.
However, their marketing success depends on location. In Europe, street foods are most liked and promoted such as street food festivals and events. Many newcomers prefer easy operating and movable forms of shops because they have their convenience. Thus, growing food preferences and rising demand for street foods are expected to drive the global market share during the forecast period.
These services are known for the making and promotion of fast foods, barbeques, snacks, desserts, and more. Eating out has turned out to be one of the most famous forms of leisure. Going out offers a chance to socialize and relax over delicious food without having to cook or do the dreaded cleanup after dinner. Moreover, the busy lifestyle and no time for cooking food have been reasons to go out for food.
All food truck points offer different types of food menus according to the people's demand and their regional influence. In addition, these places also offer less waiting time and a great taste that makes them more demanding than restaurants. Thus, growing food truck businesses and increasing consumers' preference to eat out are the major factors that will drive the growth of the global food truck market during the forecast period.
There are strict policies and guidelines for running a food truck business. Many food trucks are removed from the prime spots owing to high traffic due to people gathering near them, which creates heavy losses for street food vendors, affecting the market.
Moreover, as private areas have complained of gatherings in proximity to their premises, parking permits are required for the services. These problems faced by food truck businesses are hampering the growth of the global food truck market during the forecast period.
The brick and mortar restaurant remains a cornerstone of the restaurant industry, catering to consumer tastes and offering a wide range of options including continental food and traditional dining alternatives. As consumers embrace the convenience of online food ordering and delivery, permits and licenses ensure compliance with health and safety standards. Meanwhile, the rising popularity of food trucks and gourmet offerings reflects evolving tastes, particularly among millennials. Efficient less than load (LTL) transportation systems, including electrically chargeable vans, facilitate mobility and meet the demand for on-the-spot availability in metropolitan areas and during food festivals. Additionally, the adoption of automation in factories enhances production efficiency, while entrepreneurs seize opportunities in the dynamic restaurant and food truck sectors.
The fast food segment will account for a major share of the market's growth during the forecast period. Fast food is the largest segment by application in terms of market share in 2022. Sandwiches, French fries, and noodles are also included in the quick meals. Factors like convenience and lower cost, as the variety of menus and flavors offered over the last few years have been leading to a significant increase in restaurant food consumption. Due to space limitations, they usually have a limited staff.
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The fast food segment was valued at USD 1.39 billion in 2017 and continued to grow until 2021. The food truck mostly offers fast food, and its food offerings are smaller than a restaurant that may offer several cuisines. It will reduce the cost of employing several cooks. Unlike restaurants, we don't have to hire managers and servers for the cleaning of tables. The increasing working women population is significantly influencing the demand for fast foods owing to less time for doing household things.
Based on type, the market has been segmented into medium-sized trucks, small-sized, and large-sized food trucks. Medium-sized food trucks are the dominant segment in the global food truck market and is anticipated that they will maintain their dominant position during the forecast period due to the high demand for these trucks' ease of mobility and adaptability to move the kitchen to carnivals, promotional festivals, and other events. A distinct theme and overall experience for consumers is increasingly created by food truck owners. This has led to the increasing use of medium-sized catering vehicles because they are easier to tailor and cheaper. With youth spending, middle-class spending, conscious consumption, a mobile lifestyle, and an increasing need for food on the go, the food truck model has become quite the rage among the global population.
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Europe is estimated to contribute 37% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In 2022, Europe had a dominant share of the global food truck market. This region witnesses a high demand as it requires minimal capital investment. Furthermore, as the interest in international cuisine has increased and there is a growing demand on the streets of the area, events such as Food festivals and street fairs have been increasing. Additionally, the demand is increasing due to the popularity of street food and beverages. The fast-food preferences among the working population and the ongoing trend of street food drive the demand for fast food from these trucks.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bostonian Body Inc. - The company offers food and catering trucks as well as food truck equipment.
We also have detailed analyses of the market’s competitive landscape and offer information on 12 market companies, including:
Custom Concessions, Delivery Concepts Inc., Food Trailers for Sale, Food Truck Co., Foodtrucker Engineering LLP, Futuristo Trailers, M and R Specialty Trailers and Trucks, MSM Catering Trucks Mfg., Roaming Hunger LLC, United Food Truck LLC, and VS Special Design srl
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Market faces fluctuating sales due to store closures and lockdown measures, yet remains popular among millennials. Key players like Curry Up Now continue to thrive. While the cost of starting a food truck varies, revenue streams are generally promising. Food truck permits are essential, especially with increased competition from commercial restaurant chains entering the market. These vehicles come in various types and sizes, catering to different segments like fast-food, vegan, meat plants, barbecue, and snacks. Asia Pacific sees growing demand, while culinary institutions like Le Cordon Bleu influence gastronomy trends. Despite challenges, such vehicles offer a unique alternative to conventional brick-and-mortar restaurants, meeting diverse food service needs.
Automation in factories revolutionizes food production, while brick and mortar restaurants adapt to changing consumer tastes, offering a variety of cuisines including continental food. Efficient distribution center models facilitate timely delivery, with innovations like the drive through window catering to busy schedules. Less than load (LTL) transportation systems ensure cost-effective and environmentally friendly logistics, utilizing electrically chargeable and hybrid electric vans. Food safety and health and safety requirements remain paramount, guided by regulations and permits. In metropolitan areas, on-the-spot availability of food via stands or kiosks and online ordering platforms meets the demands of tourists and locals alike, transforming the traditional dining landscape.
Market Scope | |
Report Coverage |
Details |
Page number |
146 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.87% |
Market growth 2023-2027 |
USD 1.40 billion |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
5.77 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 37% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bostonian Body Inc., Custom Concessions, Delivery Concepts Inc., Food Trailers for Sale, Food Truck Co., Foodtrucker Engineering LLP, Futuristo Trailers, M and R Specialty Trailers and Trucks, MSM Catering Trucks Mfg., Roaming Hunger LLC, United Food Truck LLC, and VS Special Design srl |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market research and growth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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